NAMA to hire 220 staff and pay off €750m in senior debt
on 26/09/2013 11:42:05
Speaking at the Oireachtas Public Accounts Committee, Brendan McDonagh said the agency has lost 10% of its workforce to the private sector this year alone.
NAMA made a profit for the first half of the year and is on course to have paid off 25% of its senior debt by the end of the year - and Brendan McDonagh says he is confident that the entire amount will be paid off by 2020.
Senior debt is defined by NAMA as unsecured notes in which the principal and interest is guaranteed by the Minister for Finance.
"That will leave €15bn of NAMA's senior debt to be redeemed after 2016, and our current view is that we're in a position to redeem all our senior debt by 2020, and thus eliminate the state's contingent liability," he told the committee.
NAMA will also report a profit for the first half of 2013.